Kampala — Fifty- three young entrepreneurs will today try to out-shine each other to win part of the $50,000 (about sh92m) prize money in the 'Start Your Business Competition' being conducted by the Uganda Private Sector Foundation.

Gabriel Hatega, the PSFU executive director, said the competition aimed at supporting entrepreneurship development of small and medium enterprises (SME's) and encouraging the establishment of enterprises by the youth.

Ugandans between 18 to 45 years were eligible to participate in the competition which started ten months back and attracted 4,000 entries.

Hatega said the competition was also aimed at improving entrepreneurial skills in business plan preparation, financial analysis and pitching.

The 53 finalists will present their business ideas before a live audience at the Kampala Serena Hotel. The winners shall be crowned at a final gala tomorrow.

"The ability to present and sell your business idea is an important skill which all business people must have.

"Given the nature of our business environment the presentation would be convincing enough to raise the audience's level of interest in the business," Hatega said.

He added that the presentations would enable the audience learn how to present and sell their business ideas.

He said this would improve the competitiveness of small businesses.

He explained that the participants were exposed to a four-day training in new technology, market analysis, planning, writing comprehensive business plans and analysing business finances.

Hatega said that all submissions at every phase were subjected to a rigorous online blind review process, Hatega said.

He said there would be another edition of the competition in 2009.

"Enterprise development and growth especially for SMEs is critical to our economic development, creation of jobs and improvement of incomes," he said.